April 15th has passed, and you may feel out of options if you haven’t had a chance to file your taxes. However, there are late tax filing regulations. According to Forbes, if you file your taxes past the deadline, you will owe a late tax filing fee of 5% of the amount owed for each month after that date.
However, you should not delay paying your late fees. If you file more than 60 days after the deadline, you will owe a lateness penalty of $435 to 100% of the amount you owe. The above amounts are for personal income tax. You may wonder if there is a difference in late filing for 1041 (the form used to report income from trusts or estates). According to the Tax Act, the late filing penalty for 1041 will be 5 per month, up to a 25% maximum penalty.
If you need help filing a Form 1041, an accountant, an estate attorney, or a tax attorney can help you. As long as you know your responsibilities regarding income from a trust, you can avoid a late filing penalty form 1041. With prompt tax payment, you can easily prevent a Form 1041 late filing penalty.
Taxes are one of the major obligations put upon us as citizens of the United States. Every year, we must fill out a series of forms and make sure the proper taxes have been paid to the government. If filing taxes proves to be difficult, there’s no shame in asking for tax help from professional tax advisors or tax consultants. Tax consultants can help with potential tax problems in several ways and this article will take a look at a few of them.
- Help with Filing Annual Taxes: One way a tax consultant can help with your taxes is by helping you fill out your annual tax forms. Even individual taxes can get complicated, especially if you’ve had to change jobs several times in the past year. A tax consultant can sort through your taxes and make sure everything is filled out and turned in properly, thus relieving some of the stress you might feel during tax season. They can also search for every possible deduction to make sure you get the best tax refund possible.
- Can Provide You with IRS Audit Help: Another way a tax consultant can help with your taxes is by providing you with guidance during an IRS audit. IRS audits can seem scary, but most of the time they only occur because the IRS wants to make absolutely sure that your information is correct, simply having an audit done doesn’t mean you’re in trouble. A tax consultant can guide you through the audit process and make sure the appropriate information gets to the IRS.
- Can Help With Any Tax Questions You Have: And finally, a third way a tax consultant can help with your taxes is by helping to answer any tax questions you may have. For example, if you’ve just started a business, there will be a host of new tax issues to be aware of, and a tax consultant can explain everything you need to know about filing business taxes. They can also answer questions if you are self-employed and filing quarterly taxes for the first time.
In conclusion, there are several ways a tax consultant can help with your taxes. These ways include helping to file annual taxes, providing help with an IRS audit, and helping with any tax questions you may have. These are just a few of the ways a tax consultant can help you with your taxes.
